Updated: OK Supreme Court Upholds Tax Cuts
Oklahoma Supreme Court upholds income tax cut measure
by Randy Ellis, NewsOK.com
A state income tax cut bill passed by the Oklahoma Legislature this year was upheld Tuesday by the Oklahoma Supreme Court.
State Senate President Pro Tempore Brian Bingman, R-Sapulpa, joined several other elected officials and business leaders in praising the decision.
“The state Supreme Court got this one right,” said Bingman, principal author of Senate Bill 1246. “Tuesday’s ruling is excellent news for all Oklahomans. A ruling of unconstitutionality would have denied meaningful tax relief to hardworking taxpayers, while creating tremendous uncertainty for employers.”
The decision clears the way for a gradual reduction in the state’s top personal income tax rate from 5.25 to 4.85 percent.
The two-tiered tax cut is structured so that increases in the state’s general tax revenues must take place before the tax cuts will take effect. Tax year 2016 is the earliest Oklahomans could see a tax cut under the new law.